This Downtown San Jose multifamily property presents a value-add opportunity for investors experienced in property renovation and lease-up strategies. The property consists of five units, including one one-bedroom unit and four studios. As of June 23, 2026, three of the studio units are vacant, and the eviction process has been started on one unit. Buyers should verify current occupancy status with the listing broker. One of the vacant studio units is rentable in its current condition with limited repairs, while the other two vacant studios require renovation prior to occupancy. The occupied units are generally in average to below-average condition and would also benefit from updates. Based on current market conditions, renovated studio units may achieve rents consistent with comparable properties in the area. Prospective buyers should conduct their own analysis regarding renovation costs and projected rental income. The property contains approximately 1,332 square feet of building area situated on a 6,900 square foot lot. Constructed in 1898, the building features wood-frame construction with wood siding and a concrete perimeter foundation. The site is zoned R-M (Multiple Residence District). While various improvements have been made over the years, the building would be more valuable and command higher rents if the units were renovated and additional capital improvements are made to the building. The building is master-metered for water, sewer, gas, and electricity, all of which are currently paid by the owner. Plumbing consists primarily of galvanized piping. The property also requires repairs from termites and other wood-damage, the cost of which should be independently evaluated by prospective purchasers. Additional potential may exist through the reconfiguration or expansion of existing space. The building includes a large unfinished attic area that may offer future development possibilities, including expansion of the existing one-bedroom unit located below. A staircase currently provides access between the unit and attic space. The property also contains a substantial basement area with multiple storage rooms. The property includes an on-site washer and dryer for tenant use. The rear parking area is an open concrete surface that accommodates approximately six vehicles and may offer potential for an accessory dwelling unit (ADU) or other improvements, subject to City approval. Buyers should independently verify all development potential, zoning requirements, and permitted uses with the City of San Jose. As with residential properties in San Jose containing three or more units constructed prior to 1979, the property is subject to the City of San Jose Apartment Rent Ordinance. Based on information currently available, the property is not listed in the San Jose Historic Resources Inventory as a City Landmark, Candidate City Landmark, or Structure of Merit; however, buyers should independently verify all historic status and regulatory matters. The property is located within Downtown San Jose and provides convenient access to major employment centers, public transportation, retail services, restaurants, entertainment venues, and ongoing redevelopment activity throughout the urban core. The combination of vacancy, renovation potential, and possible future development opportunities may be attractive to investors seeking a repositioning project in a central Silicon Valley location.